NEW DELHI, Nov 15: India’s gems and jewellery exports declined by 30.57 per cent in October to USD 2,168.05 million (Rs 19,172.890 crore) compared to the same period of previous year, according to industry body GJEPC.
The overall exports of the sector stood at USD 3,122.52 million (Rs 26,237.1 crore) in October 2024, showed the data released by the Gems and Jewellery Export Promotion Council (GJEPC).”The decline in overall exports in October was mainly due to demand being pushed forward before the US tariff was implemented. Most of the stocking up for the festivals took place before August 27, therefore, in October the demand was down. The decline in gold and silver exports is triggered by volatile bullion prices,” GJEPC chairman Kirit Bhansali told PTI.
However, he added that in November the exports are expected to pick up again as the Chinese markets are slowly recovering and there will be Christmas demand in other key markets. (PTI)
